In life, people usually stereotype individuals based on their income. There are two extremes to income, which are wealthy and poor. The middle class, which most people were classified as years ago, has almost vanished completely. The pay gap between the wealthy and the poor people has become increasingly diverse over the past decade. Everyone has always wanted to be wealthy, but not everyone has succeeded in becoming wealthy. Unlike some people Michael Eisner, CO. CEO of Walt Disney, has become very wealthy. He made more money in one day than some people made in over ten years. “By exercising his stock options, Eisner boosted his take to an astounding five hundred and seventy-five million- more than a million dollars a day” (Cooper). The wealthy people are rising above the poor and middle class and becoming more common than the others. If you would have researched about income a few years ago the middle class and the poor would have been more people than the wealthy. The numbers of poor and middle class people has not changed, but the number of wealthy people has increased tremendously. Poor people has not increased or decreased over the years unlike the wealthy people. One reason why it is not changing is that since there are more wealthy people and money the Cashion 2 …show more content…
Because of this, a person has to pay more and still causes them to be poor, even though we have more industries and factories. Since taxes rates have decreased over the years and the government is not doing so well they have thought about cutting out social security or just doing away with it. If they do so it will hurt the lower class people the most but will not affect the upper class so much. The lower class people will keep becoming poorer and poorer as the years go buy. “’the average pretax income for the bottom ninety percent of households is almost nine hundred dollars below what it was in 1979,’”
According to Gregory Mantsios many American people believed that the classes in the United States were irrelevant, that we equally reside(ed) in a middle class nation, that we were all getting richer, and that everyone has an opportunity to succeed in life. But what many believed, was far from the truth. In reality the middle class of the United States receives a very small amount of the nation's wealth, and sixty percent of America's population receives less than 6 percent of the nation's wealth, while the top 1 percent of the American population receives 34 percent of the total national wealth. In the article Class in America ( 2009), written by Gregory Mantsios informs us that there are some huge differences that exist between the classes of America, especially the wealthy and the poor. After
Time and time again we hear politicians and office holders preach the need for a powerful middle-class. You may then be surprised to hear that “about 82% of America’s net worth belongs to the top 20%, the next 80% of people only own about 18% of America’s wealth” (UCSC). Some may argue that this disproportion is the beauty of capitalism, the chance to create an empire. I argue that the proportions are simply unfair. Why is it that “ the average CEO makes 350X as much as his/her employee” (UCSC)?
The media portrays the upper class as something to strive for. Obtaining wealth and material possessions will bring you a happy life. The only way to get ahead is to emulate the rich and powerful and to live vicariously through them (Kendall 316). The media’s emphasis on the upper class takes away from people living life for themselves. Instead, they are persuaded to obtain a lifestyle that is realistically out of their means. Kendall states, “Largely through marketing and advertising, television promoted the myth of the classless society, offering on one hand the images of the American dream fulfilled wherein any and everyone can become rich and on the other suggesting that the lived experience of this lack of class hierarchy was expressed by our equal right to purchase anything we could afford”. Exaggerated views of the rich and successful in America are largely portrayed via television. Which gives a false idea of what happiness, wealth and material possessions can bring (Kendall 317). The poor and homeless are at the bottom of the class structure and are often overlooked, ignored and only portrayed as deserving of sympathy. They are stereotyped to be people who have problems such as drugs or alcohol (Kendall 318). Kendall goes on to explain that the middle class is considered the “working class” and are
I consider my family and I to be in the middle class category and from being in the middle class, and the facts that are provided, the middle class is slowly declining as the time goes on. I believe that a lot of people go beyond the middle class to the upper middle class or people go below the middle class to the poor category. I’ve found a graph from Forbes that compares the rates of all classes from 1979 to 2014. From observing the graph my initial hypothesis was right. The middle class has declined by 6.8% between the years 1979-2014.
With each class comes a certain level in financial standing, the lower class having the lowest income and the upper class having the highest income. According to Mantsios’ “Class in America” the wealthiest one percent of the American population hold thirty-four percent of the total national wealth and while this is going on nearly thirty-seven million Americans across the nation live in unrelenting poverty (Mantsios 284-6). There is a clear difference in the way that these two groups of people live, one is extreme poverty and the other extremely
The highest earning fifth of U.S. families earned 59.1% of all income, while the richest earned 88.9% of all wealth. A big gap between the rich and poor is often associated with low social mobility, which contradicts the American ideal of equal opportunity. Levels of income inequality are higher than they have been in almost a century, the top one percent has a share of the national income of over 20 percent (Wilhelm). There are a variety of factors that influence income inequality, a few of which will be discussed in this paper. Rising income inequality is caused by differences in life expectancy, rapidly increases in the incomes of the top 5 percent, social trends, and shifts in the global economy.
In the United States there are four social classes : the upper class, the middle class, the working class, and the lower class. Of these four classes the most inequality exists between the upper class and the lower class. This inequality can be seen in the incomes that the two classes earn. During the period 1979 through the present , the growth in income has disproportionately grown.The bottom sixty percent of the US population actually saw their real income decrease in 1990 dollars. The next 20% saw medium gains. The top twenty percent saw their income increase 18%. The wealthiest one percent saw their incomes rise drastically over 80%. As reported in the 1997 Center on Budget's analysis , the wealthiest one percent of Americans ( 2.6 million people) received as much after-tax income in 1994 as the bottom 35 percent of the population combined (88 million people). But in 1977 the bottom 35 percent had about twice as much after tax income as the top one percent. These statistics further show the disproportional income growth among the social classes. The gr...
In the years from 1979 to 2009, the top 5 percent witnessed large increases in income, while the lowest-income fifth saw a decrease in real income.
Income inequality in the United States, as of 2007, has reached levels not seen since 1928. In 1928, the top one percent received nearly 24% of all income within the United States (Volscho & Kelly, 2012). This percentage fell to nearly nine percent in 1975, but has risen to 23.5% as of 2007 (Volscho & Kelly, 2012). Meanwhile, in 2007 (see
3. What are the effects of this wealth inequality in the US and what causes it, as well as some possible solutions and their ramifications, will all be discussed and answered below. There has always been a wealth gap between the richest and poorest in society. However, in the past decade, the wealth gap between the richest and poorest citizens in the US has been growing rapidly. In the 70s and 80s, the wealth and income growth rate for both poor and rich people were similar, however, between the years 2009 and 2012 the top 1% income increased 31% while for the bottom 20%, their income actually dropped and for the vast majority of Americans, the average yearly income only increased by 0.4% [4].
America’s upper class has been getting richer since the past three decades, and we have still not found a way to stop this. We have been unable to find a way to distribute America’s wealth equally, so we can have a decent lower class and a good middle class. Inequality has caused many people to struggle in various ways, but their is alway another side to the story.
... Although it may not seem fair that there are rich people blowing money on impractical and meaningless things while living in poverty, it’s a reality that the United States has experienced for centuries. Works Cited Desilver, Drew. A. “U. S. Income Inequality, On The Rise.” Pew Research Center.
“Why the Rich are getting Richer and the Poor, Poorer” written by Robert Reich, describes as the title says, why the rich are getting richer and the poor, poorer. In Reich’s essay he delves into numerous reasons and gives examples of each. It makes one wonder if the world will continue on the path of complete economic separation between the rich and the poor.
“With the development of social and continuous improvement in human activities, people are facing with a more complex economic and financial system” (Ma). Robert B. Reich was another who discussed this issue in his work, Why the Rich Are Getting Richer and the
Income inequality continues to increase in today’s world, especially in the United States. Income inequality means the unequal distribution between individuals’ assets, wealth, or income. In the Twilight of the Elites, Christopher Hayes, a liberal journalist, states the inequality gap between the rich and the poor are increasing widening, and there need to have things done - tax the rich, provide better education - in order to shortening the inequality gap. America is a meritocratic country, which means that everybody has equal opportunity to be successful regardless of their class privileges or wealth. However, equality of opportunity does not equal equality of outcomes. People are having more opportunities to find a better job, but their incomes are a lot less compared to the top ten percent rich people. In this way, the poor people will never climb up the ladder to high status and become millionaires. Therefore, the government needs to increase all the tax rates on rich people in order to reduce income inequality.